President Muhammadu Buhari has said that the diversification of the nation’s economy remains a top priority for his administration, especially in the face of dwindling revenue from oil.

Buhari, who spoke at the Presidential Villa while receiving the  new Ambassador of Saudi Arabia to Nigeria, Fahad Abdullah Sefyan, said the development of the oil sector was one template of economic recovery that his government was working on at present.

“For more than 30 years, Nigeria has depended on oil as its major source of revenue at the expense of agriculture and the non-oil sector which could be the mainstay of our economy. As oil exporting countries facing similar challenges due to the down turn in the international price of crude oil, we should be working closer together,” he noted, referring to Nigeria’s partnership with Saudi Arabia.

The President called for a more beneficial economic tie with Saudi Arabia, noting that such partnership would signal the dawn of a new era for both nations and their allies.

He promised that his administration would ensure that all pending agreements on trade and economic relations with other countries were speedily concluded and signed.

Buhari equally thanked Saudi Arabia, Turkey and Sudan for their cooperation with Nigeria in its ongoing war against terrorism.